Russia and Saudis Fix Oil Output
Saudi Arabia and Russian oil ministers agreed to freeze — but not cut — crude oil output at near-record January levels, a highly unusual pact between the world’s leading OPEC and non-OPEC petroleum producers. Qatari and Venezuelan oil ministers also joined the agreement in a meeting Tuesday in Doha, but the accord did not include Iran, which is seeking to ramp up oil output after the lifting of sanctions related to its nuclear...
Russian Wheat Exports Hurt U.S.
Oil isn’t the only commodity where the largest producers are fighting for market share in a world awash with supply. Russia and the United States, two of the biggest wheat exporters, are going head-to-head in a battle for customers. Russian shippers, with the advantage of a weak currency and falling freight rates, can undercut most competitors, selling their grain about 16 percent cheaper than cargoes from the U.S. While American...
